Altria 1Q net rises on higher prices, cost cuts

RICHMOND, Va. (AP) — Marlboro maker Altria Group Inc.'s first-quarter net income increased 15 percent in on lower costs and higher prices, even though it sold fewer cigarettes.

The owner of the nation's biggest cigarette maker, Philip Morris USA, said Wednesday that it earned $937 million, or 45 cents per share, for the period ended March 31. That's up from $813 million, or 39 cents per share, last year.

Excluding one-time items, earnings were 44 cents per share, matching analyst estimates.